My Opinion on Binance termination of some spot trading pairs.

Yamane_Keto

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Quote from: justdimin on August 10, 2023, 02:03:49 AM

Quote from: Yamane_Keto on August 09, 2023, 08:08:43 AM

or it will be converted directly into USDP on the Binas platform. I think the conversion will be into USDT. https://www.binance.com/en-IN/feed/post/216379

They do still have BNB which means that they are not giving up that one and the yare doing a good job with that, nobody wanted them to stop BNB apparently. BUSD is not a must in this market and as long as we have other alternatives it will be fine.

Yes, it is good that there is no BUSD, but as far as it proves that Binance is doing things wrong or that there is a problem with them, the same company that was banned from mining BUSD, which is the Paxos Trust Company, is the same that cooperates with Paypal in Paypal USD (PYUSD).

https://paxos.com/2022/08/23/how-paxos-works-with-paypal-to-build-innovative-crypto-products/

BNB is traded on some exchanges but the main trading volumes are still in stablecoins, X/USDT is the most popular trading pair.

jeraldskie11

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As what I have noticed in Binance, they will delist those coins or tokens that are not working well. What I mean is that those pairs who are the least trading volume or those coins who are likely to be scammed. Every month, I heard some announcement about this from Binance. In my opinion, this is a good decision for Binance to make sure that all the trading pairs have strong volume and encourage outside traders to buy coins in their platform. This is one of the advantages of Binance from the other exchanges.

tvplus006

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Quote from: Cryptomultiplier on August 03, 2023, 09:00:38 AM

What's your take on this?
Any thoughts?

Binance is trying to be less vulnerable from the SEC and for this reason removes trading pairs with BUSD, the issuer of which is an American company, and instead conducts a listing of a new FDUSD (First Digital USD) stablecoin, the issuer of which is a firm from Hong Kong.

savetheFORUM

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Quote from: OcTradism on August 03, 2023, 11:10:12 PM

Quote from: Cryptomultiplier on August 03, 2023, 09:00:38 AM

So, I got a notification from Binance about the termination of their Trading Bots services for some spot trading pairs. I am curious by nature and it didn't take me few minutes to try and investigate why, seeing that the major token in the pairs to be terminated is BUSD. Here's my deduction on the reason why:

Months ago in 2022 bear market, around the fiasco of Terra LUNA and its algorithmic stable coin then months later with FTX fiasco, the cryptocurrency market was panic with removal of USDT trading pairs of many coins on Binance and hyped with BUSD pair listings for those same altcoins.

Months later, Binance have been in their progress to remove those BUSD trading pairs and the market are panic again?

Connect those dots from Binance listing, removal activities and the crowd response to Binance news, those coins won't die because Binance delist them or less dramatic, delist one stable coin trading pair.

Maybe they are guilty on what they did before on hyping BUSD too much. Some users said that BUSD is being questioned by the regulators. I think it's like a karma for them. They are only doing the right thing there of removing BUSD pair because if not, their exchange might be the ones who will get removed. For others, they can see this as a bad news and there are some who will panic.

I agree with you that Binance won't die that easily. They have fought lots of battles before and I think it many of them was harder than what they are facing currently so people should take it easy. There are still other parings out there that they can use if not BUSD. I'm sure they will soon get used to the change.

justdimin

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Quote from: Yamane_Keto on August 09, 2023, 08:08:43 AM

You missed the New York State Department of Financial Services (NYDFS) case with Paxos that stopped printing more BUSD.
users have the option to convert it into any currency before a certain date, or it will be converted directly into USDP on the Binas platform. I think the conversion will be into USDT. https://www.binance.com/en-IN/feed/post/216379

I understand that BUSD may get lower and lower situation and that way we are going to end up seeing other stuff like USDT and USDC to get a lot more attention and that's going to be a lot more important for a lot of people and I get that, there is nothing wrong with that and I believe that we are going to end up with something that would be decent and should be considering the situation to be a lot more important and we are going to end up with BUSD not being a big deal.

They do still have BNB which means that they are not giving up that one and the yare doing a good job with that, nobody wanted them to stop BNB apparently. BUSD is not a must in this market and as long as we have other alternatives it will be fine.

Yamane_Keto

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You missed the New York State Department of Financial Services (NYDFS) case with Paxos that stopped printing more BUSD.
users have the option to convert it into any currency before a certain date, or it will be converted directly into USDP on the Binas platform. I think the conversion will be into USDT. https://www.binance.com/en-IN/feed/post/216379

Quote

Paxos will continue supporting BUSD until at least February 2024. Customers will get the chance to cash out their holdings in American dollars or convert them into Pax Dollars (USDP) - another stablecoin issued by the firm and pegged to the greenback.

Changpeng Zhao (CZ) – CEO of Binance – said about BUSD holders

Quote

“Binance will continue to support BUSD for the foreseeable future. We do foresee users migrating to other stablecoins over time. And we will make product adjustments accordingly. e.g., move away from using BUSD as the main pair for trading, etc.,” the exec added.

The foreseeable future came after about 6 months.

Bitcoin_Arena

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Looks like OP missed out on the Binance - BUSD - SEC saga, which pretty much explains why BUSD pairs are being slowly delisted off the platform.
Have you noticed how Binance stopped shilling BUSD something that was rife back then before the lawsuits came in flying?

Quote from: Timmzzy on August 08, 2023, 12:31:45 AM

Is it that they stopped sending notifications regarding things like this, because i could remember BINANCE normally notify me through email on updates like this am even surprised to come across this here.

Check your app and see if the notifications are enabled
Go to Settings then Notification preference

Timmzzy

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Is it that they stopped sending notifications regarding things like this, because i could remember BINANCE normally notify me through email on updates like this am even surprised to come across this here.

adaseb

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I think the reason why they removed the BUSD counter pair is because it’s no longer getting issued so less and less people will use it. Eventually the volumes will dry down and there won’t be liquidity and hence why they are removing BUSD. So this shouldn’t be much of a surprise. People won’t want to keep BUSD long term anyways since they are going to assume it might be risky since they are to cease operations.

SquirrelJulietGarden

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Quote from: dansus021 on August 05, 2023, 08:24:31 PM

In my opinion binance delisted busd because paxos the issuer of bUsd still have legal suit from the SEC and binance wont this problem become a big problem in the future so they try delisted from trading pair until everything is settle down

"Breaking: Paxos facing SEC lawsuit over Binance USD — Report
According to The Wall Street Journal, the notice relates to Binance USD, which the United States Securities and Exchange Commission is alleging is an unregistered security." - https://cointelegraph.com/news/stablecoin-issuer-paxos-to-face-sec-lawsuit-over-binance-usd-report

They quickly went first to protect their company from regulation risk like how they quickly launched Binance US. and separated it from Binance global shortly after the two big nations, USA. and China, started their trade war.

The drama of Binance USD and Paxos company (the issuer) with SEC. is a red flag for Binance so it makes sense to proactively prevent risk by remove BUSD trading pairs on their exchange. When dust settles down and things are well, Binance will list those pairs again.

dansus021

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In my opinion binance delisted busd because paxos the issuer of bUsd still have legal suit from the SEC and binance wont this problem become a big problem in the future so they try delisted from trading pair until everything is settle down

"Breaking: Paxos facing SEC lawsuit over Binance USD — Report
According to The Wall Street Journal, the notice relates to Binance USD, which the United States Securities and Exchange Commission is alleging is an unregistered security." - https://cointelegraph.com/news/stablecoin-issuer-paxos-to-face-sec-lawsuit-over-binance-usd-report

Another day another SEC hate crypto news hahahha

Tytanowy Janusz

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Quote from: Cryptomultiplier on August 03, 2023, 09:00:38 AM

What's your take on this?
Any thoughts?

I think you are overinterpreting here. The matter is simple. BUSD is slowly dying because paxos has been banned from generating new units. People know that the days of BUSD are numbered and for several months they have been looking for alternatives by transferring their dollar liquidity and trading habits to other pairs (USDT, USDC), which makes the volume start to decrease and thus also the liquidity, especially on unknown shitcoins.

OcTradism

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Quote from: Cryptomultiplier on August 03, 2023, 09:00:38 AM

So, I got a notification from Binance about the termination of their Trading Bots services for some spot trading pairs. I am curious by nature and it didn't take me few minutes to try and investigate why, seeing that the major token in the pairs to be terminated is BUSD. Here's my deduction on the reason why:

Months ago in 2022 bear market, around the fiasco of Terra LUNA and its algorithmic stable coin then months later with FTX fiasco, the cryptocurrency market was panic with removal of USDT trading pairs of many coins on Binance and hyped with BUSD pair listings for those same altcoins.

Months later, Binance have been in their progress to remove those BUSD trading pairs and the market are panic again?

Connect those dots from Binance listing, removal activities and the crowd response to Binance news, those coins won't die because Binance delist them or less dramatic, delist one stable coin trading pair.

taufik123

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Quote from: stompix on August 03, 2023, 05:54:21 PM

Quote from: Cryptomultiplier on August 03, 2023, 09:00:38 AM

Could it also be that since the BUSD tokens are backed by US banks, they poise as fully secure because the FDIC-insured these US banks that BUSD uses. BUSD also has the features of a normal bank because it is fully collateralized, meaning that it is backed/supported by an equivalent amount of US dollars which is currently held in its reserve.

Yeah right, and you also believe all your coins are $safu and that CZ never lies because he is the second child of God sent to earth to make you rich, right? BUSD is fully collateralized and fully audited but the company that did the audit dropped them after the report
https://www.theguardian.com/business/2022/dec/16/binance-auditor-mazars-withdraws-from-working-with-cryptocurrency-exchange

But don't worry, keep storing your coins on Binance, they are #safu until they are #gone.

LOL, that's an undeniable fact. When the company that did the audit canceled the report it is already a bad indication.
CZ seems to want to cover it all up by saying all coins are $SAFU to make them calmer.

But I don't know, people nowadays are looking at Binance because of $SAFU, I also trade there, but I would never keep all my assets there.

stompix

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Quote from: Cryptomultiplier on August 03, 2023, 09:00:38 AM

Binance has been under a serious lawsuit from the U. S SEC for sometime now and it could be why Binance management has taken some steps to remove these trading pairs inorder to reduce the pressure of SEC’s attack on the surface. Perhaps, the U.S SEC will treat the case against the top exchange with more leniency.

Do you really belive that the SEC cares about some shitcoins that have a lower market cap and lower trading volume than an Asian restaurant in your average shopping mall food court?

Quote from: Cryptomultiplier on August 03, 2023, 09:00:38 AM

Could it also be that since the BUSD tokens are backed by US banks, they poise as fully secure because the FDIC-insured these US banks that BUSD uses. BUSD also has the features of a normal bank because it is fully collateralized, meaning that it is backed/supported by an equivalent amount of US dollars which is currently held in its reserve.

Yeah right, and you also believe all your coins are $safu and that CZ never lies because he is the second child of God sent to earth to make you rich, right? BUSD is fully collateralized and fully audited but the company that did the audit dropped them after the report
https://www.theguardian.com/business/2022/dec/16/binance-auditor-mazars-withdraws-from-working-with-cryptocurrency-exchange

But don't worry, keep storing your coins on Binance, they are #safu until they are #gone.

Captain Corporate

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I am pretty sure it's not because it's backed by them. It's fully regarding volume and there is nothing else to check about that. Look at the historical volume of these pairs and look at how much of it was binance and you will realize that it's not that big of a deal at all. I believe that it's not going to be that unique either, we are talking about low volume pairs getting delisted, it's as common as it gets and happens as frequently as you might imagine. As long as an exchange doesn't make a profit from a pair, they will end up delisting it because it doesn't worth keeping it and diluting the market. There isn't really anything that is special and crazy going on behind our backs.

AmoreJaz

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Quote from: Potato Chips on August 03, 2023, 05:21:44 PM

Question! are they also nuking the USDT pair counterpart of these coins?

I took a quick look at the mentioned pairs and they don't appear to be performing well which is probably because its USDT pair counterpart overshadows them hence someone could also say binance is merely cleaning up.

that's my first thought about this. because usually, those trading pairs that have very low trading volume are the ones delisted in exchanges. maybe aside from the SEC potential issues but am looking at the trading activity of these pairs, why they were delisted.
we don't need to think about much on this case because for all we know, the reason is just simple. they are not performing well in the trading aspect so to reduce additional operational costs, they need to terminate these pairs.

Potato Chips

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Question! are they also nuking the USDT pair counterpart of these coins?

I took a quick look at the mentioned pairs and they don't appear to be performing well which is probably because its USDT pair counterpart overshadows them hence someone could also say binance is merely cleaning up.

Hamza2424

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Hmm, well I think it's a smart move as Binance holds a strong name in the crypto market they should only list the worthy projects, delisting the scrap is a good move in my view. Weathers its SEC's pressure or the Binance's own move it is good in the broader view. The altcoin market is now full of scrap and copy projects I will support the same type of actions by other exchanges as well they should only list the quality projects. It will directly support the volume and market capital of these projects.

Faisal2202

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I can not agree more with you. You have made a valid point here. Binance is taken out of the competition in US so now it does not matter either Binance uses BUSD or Not because i don't think so busd is registered in US according to your statements it dos but afaik it doesn't. (So please confirm me it).

Secondly, we all know pexos has stooped the miniting of New BUSD so now we have only those which are already minted. Means BUSD are lesser now even According to CZ BUSD was registered in US but now it's now. Well, coming to the point.

Cz has stated in a news that he is working on another stable coin which will be registered legally in Japan and the name is FDUSD which is already in circulation.

Quote

Europe, First Digital USD is a programmable U.S. dollar-pegged stablecoin managed by First Digital Group and licensed in Hong Kong. The company listed the FDUSD stablecoin on Binance on July 26.

So now what i think is Binance is working to leave busd and wanted to migrate the trading volume of BUSD towards FDUSD. It's just assumption from the following news.
https://cointelegraph.com/news/changpeng-zhao-cz-binance-stablecoin-strategy-tether-busd

Topic: My Opinion on Binance termination of some spot trading pairs. (Read 240 times)